All Forum Posts by: Bruce Woodruff

Thanks Lauren - no one close by except a lady I wouldn't trust......I think it may be a bad idea too, just wanted to explore the concept a bit.

Hi All - I've been kicking around this possible concept in my head for a while now and can't come up with an answer...maybe some outside-the-box thinker can figure something out. Or maybe there is no answer...?

We moved from CA to AZ last year and have got 2 STRs in AZ going very well. We kept a piece of property in SoCal, way out in the desert, middle of nowhere. It's completely off-the-grid home, very funky in a nice way... everyone that's been there loves it and I think it would appeal to outdoorsy/environmentalist/nature lover kinda folks. If you know what Wonder Valley is, this is similar but even more remote and funkier....

I don't think it's an AirBnB or VRNBO kinda thing, but maybe there's another way. Main problem is that I wouldn't be able to get out there after every visit to clean and check up. There are no property mangers or other people available locally, nearest town of any size is 1 hr away. My son lives 2 hrs away and could check it once in a while but I don't want to put it on him.

Are there any sites/groups that have people that would bring their own sheets and towels, clean up afterwards etc...? I'm thinking Sierra Club, or similar. It would be worth it for the experience to the right persons. It truly is a one of a kind experience due to the location.

Or maybe it's just not doable? Too much risk? Don't need the $$, thinking more of getting visitors who would appreciate the uniqueness.

Thanks in advance for ideas....

My company for my personal house covers my STR very reasonably. State Farm, about $1400 yr. Not sure of all of the coverage parameters but it is listed as commercial and vacation rental.

"Not a bunch of transients due to psudo hotels with people coming in and out all day that don't respect the neighborhood and who are loud, having parties, etc."

This does not describe any of the STVRs I have ever stayed in or the ones I or my neighbors own. The above experience just represents poor owner management.

In response to the OP's question, first I would advise getting out of CA and head over to AZ. They are very friendly towards STVRs, there's a statewide law that prohibits interference by localities. When we opened ours last year, I approached neighbors (somewhat tentatively) to inform them that there was going to be a BnB in the neighborhood...100% of them were nearly ecstatic because of the good experiences they'd had with other BnB's....super clean houses, inside and out, nice tourists to interact with, Etc...

What's the hurry? Why not wait?

Of course you can set up your listings on Air, VRBO, Etc, but just don't make them live until the property is completely ready.

I think you have little to gain and much to lose.......

Randy - We just bought 2 fixer uppers in the Prescott area and got into the STVR game. So far it has been incredible, we had no idea what a huge tourist town little ole Prescott was gonna be. Just the town itself, not to mention the surrounding attractions and little towns, not to mention the Grand Canyon up north!

1) Check with another accountant

2) I was never told about this, might be true, might not.

3) No

4) No, just block it off

I don't like the idea of a big company running this for you, try to find a local to help out, maybe a Realtor? And you run the bookings and calendar, just have them in charge of maintenance, cleaning and such.

Just my .02

You can do it your way if you want the extra headaches. But it's not how it's done, ask your accountant. When I was a big-time :-) General Contractor, I used to have a separate bank account for each property, it seemed to make it easier handling the P&L for each job. But if you own a business call XYZ Vacation Rentals, that business owns all of the rentals and they should all be run through the same bank account. If you feel like you have more control know the exact ins and outs of each property, then you can always run separate spreadsheets for each one. Your choice, but you will eventually find your method to be cumbersome and time consuming.....

No experience with renting boats, however the topic caught my eye. My opinion would be that unless there is a huge ROI, forget it.... Not only is there a serious liability risk, there is the general headache issue. Calls, texts, about every little thing.....do you really need that? Even for $100 a day...? You're going to have your hands full just with the rental, why add more potential headaches? Although it does sound kinda sexy to offer a watercraft.....still, I'd pass. Keep it simple is the motto for our 2 rentals....